Property Fraud – Am I At Risk?
The National Economic Crime Centre recently asked the Law Society to warn Solicitors of the risk of phone number spoofing. Phone number spoofing is the latest means used by fraudsters to target homeowners and solicitors looking after clients dealing with property transactions.
What is Phone Number Spoofing?
Phone number spoofing is where criminals use software which disguises the number they are calling from. This software can be used to make it appear you are receiving a call from your solicitor with the aim of having you transfer money directly into the criminal’s bank account. The fraudster will tell you your solicitor has moved their bank account and instructed you to transfer funds to a different bank account.
How Do I Protect Myself?
It is rare for a firm of solicitors to change their bank account. Should your solicitor change their bank account they will notify you in writing. You should not act upon any telephone call giving you different bank details. You should instead call your solicitor on a number you already saved and query whether the call was genuine. Ask for bank details to be sent by post or if possible collected in person. If in doubt call your solicitor, again from a number you have saved, and verify the bank account details received are genuine.
Are There Other Ways I May Be Targeted?
There are many ways a criminal may target people moving home. Other methods include:
- Vendor Impersonation
- Mortgage Fraud
- Phishing Emails
Vendor Impersonation and Mortgage Fraud
A criminal may pretend to be the owner of a property using false or stolen ID. They will then attempt to sell the property or secure mortgage funding against the property. You may be more likely to be targeted by a fraudster if:
- You have been a victim of identity theft
- You live overseas
- Your property is empty
- Your property is tenanted
- Your property is mortgage free
- Your property is not registered with the Land Registry
If you are concerned your home may be at risk of property fraud you should sign up to the Land Registry’s free Property Alert service. Once signed up to Property Alert you will be contacted by the Land Registry should any one of the following applications be received:
- A property sale
- A change of name and/or address of the registered owner
- A re-mortgage
- A repayment of an existing mortgage
The alert will enable the you to take appropriate action should the application be fraudulent.
In addition, the Land Registry will allow you to monitor up to 10 registered properties. This means that not only can you protect your own property but you can also help vulnerable friends and family members safeguard their properties.
Phishing Emails
A fraudster may use a phishing email to target the information on your computer. A phishing email is designed to look like an email from a reputable company and will often encourage you to click on a link in the text or the email or open an attachment to the email. Doing so can result of the fraudster gaining access to all of the information stored on your computer on an ongoing basis.
You never click on links or open attachments contained in emails you are not expecting. Check the email address carefully and if in doubt telephone the company who sent you the email from a telephone number you already have or can obtain from a public directory.
